Independent 5-year insurance industry forecast for the Philippines.
Original insurance market research and insurance sector trend analysis for the Philippines’s insurance industry.
Competitive intelligence, regional insurance company rankings and SWOT analyses on international and domestic insurance companies in the Philippines.

The Philippines Insurance Report has been researched at source and features latest available data for annual insurance premiums and claims; assets and investments; 5-year insurance industry forecasts for the Philippines through end-2012; insurance company rankings and competitive landscapes for local insurers and multinational insurance subsidiaries in the Philippines; and analysis of the latest insurance industry developments, trends and regulatory changes in the Philippines.

The Philippines Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Philippine insurance industry.

Key Benefits
Benchmark It’s Independent 5-Year Insurance Industry Forecast on the Philippines
to test other views - a key input for successful budgeting and planning in this strategic insurance market.
Target Business Opportunities & Risks in the Philippines’s Insurance Sector
through our reviews of latest insurance industry trends, regulatory changes, and major deals, projects and investments in the Philippines.
Exploit The Latest Competitive Insurance Intelligence & Company SWOTS
on your competitors and peers in the Philippines through our insurance company rankings by assets, premiums, income, market share, investments and leading products and services.

Executive Summary
In Q307 we have incorporated actual data for 2006 in our insurance sector reports. In Q207 much of this data was not available, and we had to make estimates. In international comparison tables, we have also incorporated data from 30 new countries in addition to the 58 for which we had data in Q207. We are now therefore able to place each country into a truly global context.

Non-life premiums rose from PHP36,261mn (US$684mn) in 2005 to PHP37,390mn (US$732mn) in 2006. Non-life premiums therefore increased by 3% in peso terms and by 11% in US dollar terms. We anticipate that non-life premiums will grow by 10% annually in peso terms in 2006-201, and 15% annually in US dollar terms.

Life premiums rose from PHP46,985mn (US$887mn) in 2005 to PHP55,384mn (US$1,084mn) in 2006. Life premiums therefore increased by 18% in peso terms and by 27% in US dollar terms. We anticipate that life premiums will grow by 6% annually in peso terms in 2006-2011, and 11% annually in US dollar terms.

In 2006 the two most important lines within the non-life segment were property/fire and motor. These two lines, respectively, accounted for 32% and 30% of non-life premiums. At 18% of non-life premiums, accident/health insurance was unusually large.

We have not, as yet, been able to find a detailed breakdown of the Philippines’ life segment. The Philippines is, among the 88 countries for which we have gathered data, in the third quartile in terms of absolute non-life premiums in 2006, and in the third quartile in terms of absolute growth of non-life premiums last year. We would therefore categorise the Philippines as a small to medium-sized national market for non-life insurance and one where premiums are growing somewhat slowly. Moreover, non-life penetration is not changing quickly.

The Philippines is in the second quartile in terms of absolute life premiums in 2006, and in the second quartile in terms of absolute growth of life premiums last year. We would therefore categorise the Philippines as a small to medium-sized national market for life insurance and one where premiums are moderately quickly. Given the slow growth of population in the Philippines, much of the growth is being driven by an increase in life density.

In 2006 non-life penetration in the Philippines contracted by -6.9%, while life density rose by 24.8% in US dollar terms.

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